80360 Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 

8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 200.30–3(a)(12). 

attractive. As one can observe by 

looking at any market share chart, price 

competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to fee and credit changes. 

Intermarket Competition 

In terms of inter-market competition, 

the Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

credits and fees to remain competitive 

with other exchanges and with 

alternative trading systems that have 

been exempted from compliance with 

the statutory standards applicable to 

exchanges. Because competitors are free 

to modify their own credits and fees in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which credit 

or fee changes in this market may 

impose any burden on competition is 

extremely limited. The proposals are 

reflective of this competition. 

Even as one of the largest U.S. 

equities exchanges by volume, the 

Exchange has less than 20% market 

share, which in most markets could 

hardly be categorized as having enough 

market power to burden competition. 

Moreover, as noted above, price 

competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to fee and credit changes. This 

is in addition to free flow of order flow 

to and among off-exchange venues, 

which comprises upwards of 40% of 

industry volume. 

In sum, if the change proposed herein 

is unattractive to market participants, it 

is likely that the Exchange will lose 

market share as a result. Accordingly, 

the Exchange does not believe that the 

proposed change will impair the ability 

of members or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.8

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–043 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NASDAQ–2023–043. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2023–043 and should be 

submitted on or before December 8, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25382 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–182, OMB Control No. 

3235–0237] 

Proposed Collection; Comment 

Request; Extension: Form N–54A 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Under the Investment Company Act 

of 1940 (15 U.S.C. 80a-1 et seq.) (the 

‘‘Investment Company Act’’), certain 

investment companies can elect to be 

regulated as business development 

companies, as defined in Section 

2(a)(48) of the Investment Company Act 

(15 U.S.C. 80a-2(a)(48)). Under Section 

54(a) of the Investment Company Act 

(15 U.S.C. 80a-53(a)), any company 

defined in Section 2(a)(48)(A) and (B) 

may elect to be subject to the provisions 

of Sections 55 through 65 of the 

Investment Company Act (15 U.S.C. 

80a-54 to 80a-64) by filing with the 

Commission a notification of election, if 

such company has: (1) a class of equity 

securities registered under Section 12 of 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 80361 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98534 

(September 26, 2023), 88 FR 67830 (‘‘Notice’’). The 

Commission received no comment letters on the 

proposed rule change. 

4See Interpretations and Policies .04 of Exchange 

Rule 404. Exchange Rule 404 includes several 

different strike interval programs, including the 

$0.50 Strike Program, the $1 Strike Price Interval 

Program, and the $2.50 Strike Price Program. See 

Interpretations and Policies .04 of Exchange Rule 

404, Interpretations and Policies .01 of Exchange 

Rule 404, and Exchange Rule 404(f). 

5See Interpretations and Policies .02 of Exchange 

Rule 404. 

6The Exchange notes this is the same 

methodology used in the $1 Strike Price Interval 

Program. See Interpretations and Policies .01(c)(3) 

of Exchange Rule 404. For the purpose of adding 

strikes under the Low Priced Stock Strike Price 

Interval Program, the ‘‘price of the underlying 

stock’’ shall be measured in the same way as ‘‘the 

price of the underlying security’’ as set forth in 

Exchange Rule 404A(b)(1). 

7See Notice, supra note 3, at 67831. 

8While the Exchange may list new strikes on 

underlying stocks that meet the eligibility 

requirements of the new program, the Exchange 

states that it will exercise its discretion and will not 

list strikes on underlying stocks the Exchange 

believes are subject to imminent delisting from their 

primary exchange. See Notice, supra note 3, at 

67831 n.12. 

9See Notice, supra note 3, at 67831. 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’); or 

(2) filed a registration statement 

pursuant to Section 12 of the Exchange 

Act for a class of its equity securities. 

The Commission adopted Form N–54A 

(17 CFR 274.53) as the form for 

notification of election to be regulated 

as a business development company. 

The purpose of Form N–54A is to 

notify the Commission that the 

investment company making the 

notification elects to be subject to 

Sections 55 through 65 of the 

Investment Company Act, enabling the 

Commission to administer those 

provisions of the Investment Company 

Act to such companies. 

The Commission estimates that on 

average approximately 21 business 

development companies file these 

notifications each year. Each of those 

business development companies need 

only make a single filing of Form N– 

54A. The Commission further estimates 

that this information collection imposes 

a burden of 0.5 hours, resulting in a 

total annual PRA burden of 10.5 hours. 

Based on the estimated wage rate, the 

total cost to the business development 

company industry of the hour burden 

for complying with Form N–54A would 

be approximately $4,462.50. 

The collection of information under 

Form N–54A is mandatory. The 

information provided by the form is not 

kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid control number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by January 16, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 14, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25476 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98917; File No. SR–MIAX– 

2023–36] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Order Approving a Proposed Rule 

Change To Amend Exchange Rule 404, 

Series of Option Contracts Open for 

Trading 

November 13, 2023. 

I. Introduction 

On September 14, 2023, Miami 

International Securities Exchange LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’),1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend Exchange Rule 404, Series of 

Option Contracts Open for Trading. The 

proposed rule change was published for 

comment in the Federal Register on 

October 2, 2023.3 This order approves 

the proposed rule change. 

II. Description of the Proposed Rule 

Change 

The Exchange proposes to amend 

Exchange Rule 404, Series of Option 

Contracts Open for Trading, to adopt 

Interpretations and Policies .12 to 

Exchange Rule 404 to implement a 

strike interval program for stocks that 

are priced less than $2.50 and have an 

average daily trading volume of at least 

1,000,000 shares per day for the three 

preceding calendar months (the ‘‘Low 

Priced Stock Strike Price Interval 

Program’’). The Exchange also proposes 

to amend the table in Exchange Rule 

404, Interpretations and Policies .11 to 

harmonize that table to the proposed 

rule change. 

The Exchange proposes to adopt the 

Low Priced Stock Strike Price Interval 

Program for underlying stocks that are 

not in the $0.50 Strike Program 4 (or the 

Short Term Option Series Program) 5

and that close below $2.50 and have an 

average daily trading volume of at least 

1,000,000 shares per day for the three 

preceding calendar months. To be 

eligible for the inclusion in the 

proposed Low Priced Stock Strike Price 

Interval Program, an underlying stock 

must (i) close below $2.50 in its primary 

market on the previous trading day and 

(ii) have an average daily trading 

volume of at least 1,000,000 shares per 

day for the three (3) preceding calendar 

months.6 For stocks added to the Low 

Priced Stock Strike Price Interval 

Program, if the underlying stock closes 

at or above $2.50 in its primary market 

no additional series in $0.50 intervals 

may be listed, and additional series in 

$0.50 intervals may not be added until 

the underlying stock again closes below 

$2.50.7

After a stock is added to the Low 

Priced Stock Strike Price Interval 

Program, the Exchange proposes that it 

may list $0.50 strike price intervals from 

$0.50 up to $2.00.8 The Exchange 

represents that there will be no limit to 

the number of classes eligible for 

inclusion in the proposed program, so 

long as the underlying stock satisfies 

both the price and average daily trading 

volume requirements.9

Additionally, the Exchange proposes 

to amend the table in Exchange Rule 

404, Interpretations and Policies .11 to 

insert a column to harmonize the 

Exchange’s proposal to the strike 

intervals for Short Term Options Series 

as described in Interpretations and 

Policies .02 of Exchange Rule 404. The 

table in Interpretations and Policies .11 

is intended to limit the intervals 

between strikes for multiply listed 

equity options within the Short Term 


khammond on DSKJM1Z7X2PROD with NOTICES